For Singapore and Malaysia Users only (Goods & Services Tax )
If you are a GST (Goods and Services Tax) registered trader, generally you need to charge GST output tax for all goods and services that you provide to your customer, similarly, you can claim GST input tax for all purchase of goods and services that your suppliers bill you, all at the prevailing rate during the transaction period.
For accounting purposes, input tax account (current asset, herein, denoted as D-G001-1 in the chart of accounts) is separated from output tax (current liabilities, herein, denoted as F-G001-1 in the chart of accounts), and end of each quarter, the cumulative input tax, with a debit total, similarly, the cumulative output tax, with a credit total is reversed out, to a control account D-G002-1 called GST receivable/payable, in the chart of accounts
Watch video : Preset Tax fast code
Tax fast codes and its related accounts are preset in the system and not available to user access.Please consult our support team for assistance Click here for IRAS e-tax guide
For In-put tax (Purchases)
With effect from 1st Jan 2019, new tax code for customer accounting will be added, this is in compliance with IRAS Customer Accounting for prescribed goods reporting requirements
For Out-put tax (Sales)
With effect from 1st Jan 2019, new tax code for customer accounting will be added, this is in compliance with IRAS Customer Accounting for prescribed goods reporting requirements |
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Related Topics |
Supplier Invoice for purchase tax fast code -TX |
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http://realtimme.cloudapp.net/basic/index.html?fast_code_tax__related_ac.htm
As at 8/4/2014 - changed OSP to OP (out-of-scope-purchase)